- Ethereum faces scalability issues and high gas fees, but is transitioning to Ethereum 2.0 for solutions.
- IOTA prioritizes scalability, offering feeless transactions and enhanced speed, beneficial for microtransaction-heavy applications.
The IOTA Smart Contract framework, known as IOTAevm, aims to provide an advanced experience for users seeking smart contract functionality. It offers features comparable to the best Ethereum Virtual Machine (EVM) experiences available in the cryptocurrency sphere.
At its core, IOTAevm operates on a base layer (DAG) that eliminates fees for token holders, ensuring cost-effective transactions. This framework also supports tokens and NFTs on its base layer, enhancing its utility for users. Additionally, it boasts high scalability, capable of handling up to 700 transactions per second (tps), making it suitable for a wide range of applications.
The #IOTA EVM running at an average of 0.4 seconds per block and already over 60k transactions (it’s not even “public” yet).
But best of all that gas tracker makes sweet reading! pic.twitter.com/BbRUThgwKv
— IOTAPoet ✨ (@IotaPoet) April 24, 2024
One of the standout features of IOTAevm is its support for appchains, which enables near-infinite scalability. These appchains can be deployed quickly and easily through @SPYCE_5, facilitating seamless integration into various platforms.
We are pitching today at the #DWIC event @SPYCE_5 and introducing our new project. World premiere 🔥 stay tuned #IOTA #Token2024Dubai pic.twitter.com/sVCmptqEHg
— Regine (@Energine) April 20, 2024
Furthermore, all assets on Layer 2 (L2), including NFTs and coins, can be transferred between different layers without the need for bridges or third-party intermediaries, minimizing risk.
1/5 Calling early-stage #Web3 startups to join the #IOTA APAC Accelerator Program!
Developed with @Tenity_global, it’s your ticket to shape the future of decentralized finance while scaling your startup with a $50,000 grant 💪
Here’s what you need to know 👇 pic.twitter.com/yllh0hywl7
— IOTA (@iota) April 23, 2024
Ethereum vs. IOTA: Technological Foundations
The comparison between the IOTA EVM and Ethereum focuses on the technological and operational disparities of both platforms:
Smart Contracts: A Comparative Analysis
In terms of underlying technology, Ethereum utilizes blockchain technology, appending each transaction to a block and linking them in a chain. It’s known for executing DApps via EVM.
In contrast, IOTA employs a different technology called Tangle, a type of directed acyclic graph (DAG), tailored for scalability and efficiency, particularly for the Internet of Things (IoT).
Regarding smart contracts, Ethereum’s EVM executes intricate smart contracts and is Turing-complete. Conversely, the IOTA EVM aims to support Ethereum’s smart contracts, allowing developers to deploy contracts written in Solidity on the IOTA network and Shimmer.
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